Wearable Computing Devices Market 2021 Technology Advancement and Growth Outlook - Fitbit Inc., Garmin, Apple Inc., Samsung Electronics Co. Ltd., Adidas AG

Market Insights Reports delivers key insights on the Wearable Computing Devices market in its latest report titled, “Wearable Computing Devices Market - Growth, Trends, COVID-19 Impact, And Forecasts (2021 - 2026)” provides an in-depth analysis of key players strategies, market growth, product demand, growth factors, technological innovations, regional outlook and global dynamics which includes drivers, challenges, and opportunities dominant in the industry. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.

The global wearable computing devices market accounted for 210.2 million units in 2020, and it is expected to reach 618.74 million units by 2026, registering a CAGR of 19.9% over the forecast period (2021-2026).

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Top Key Players in the Global Wearable Computing Devices Market: Fitbit Inc., Garmin, Apple Inc., Samsung Electronics Co. Ltd., Adidas AG, Nike Inc. and Others.

Industry News:

- May 2020 - Garmin announced the quatix 6X Solar, the latest addition to its new marine GPS smartwatch series, featuring a transparent solar charging display that uses the sun’s energy for extending the battery life. As the first Garmin marine-centric GPS smartwatch offering solar charging, the quatix 6X Solar combines all of the features of Garmin’s fenix 6X Pro Solar with specialization in boating, fishing, cruising, and sailing capabilities, so that users can spend more time on the water.

- Jan 2020 - Nuheara, the smart-hearing company, launched its IQbuds2 MAX earbuds. This product has a hybrid Active Noise Cancellation feature and unique features for personalizing and enhancing the wearer’s soundscape. Moreover, this product allows users to fine-tune their sound environment.

Market Overview:

Wearable technology is one of the emerging trends that integrate electronics into daily activities. According to Cisco, 500 billion devices are anticipated to be connected to the internet by 2030. The Internet of Things is the network of these connected devices. Xiaomi launched its next-generation fitness tracker called the Mi Band 4 in 2019. It features nearly 40% more prominent display than its predecessors. The gadget supports Xiao AI voice assistant that can be used to control Xiaomi's IoT or the internet of things products.

- Increasing technological advancements in the wearables market are driving the market. Wearable technology is quickly evolving into a significant technology segment, owing to the growing number of technological innovations by various major vendors. The hearable segment is witnessing a significant boost via innovations. For example, in January 2020, Nuheara announced its advanced hearing buds, the IQbuds MAX, which feature hybrid active noise cancellation and unique features to personalize and enhance the wearer’s soundscape.

- In addition, a survey by hospital executives from HIMSS and AT&T found that 47% of hospitals provide wearables to patients with chronic diseases, and 47% conduct remote monitoring via in-home medical devices and smartphone apps. The healthcare organizations recognize the telehealth potential in wearables, and they are convinced of their cost savings.

- However, with the recent outbreak of COVID-19, the global demand for electronics slumped significantly during the first quarter of 2020. According to IPC's survey of electronics manufacturers and suppliers, in February 2020, nearly 69% of the respondents reported that they were told by their suppliers that there would be delays in the shipments due to the COVID-19 outbreak. However, some other types of wearable computing devices are witnessing significant growth in terms of demand, supported by online sales. For example, the global demand for smartwatches increased significantly during the first quarter of 2020, with Apple continuing to hold a prominent share of the market. The added benefits of health tracking enabled the demand growth.

- Also, during the COVID-19 outbreak, the government-deemed essential businesses are expected to adopt various wearable computing devices to enhance workplace safety, in order to remain operational under regulations. For instance, Avnet's Nodle M1 smart wearable is a device that can be clipped employee's shirt or worn as a necklace to alert the employees to maintain distance, as it buzzes to let employees know when they are close to other employees.

Top Line Market Forecast:

Both Regional and Global sectors are included in the Outlook, with special breakouts for the NAM, European, MENA, and Asia-Pacific regions. The data covered is from 2015 to 2019 historically and from 2020 to 2026 forecasted, it also includes the impact of Covid-19 both on the short- and long-term prospects of the industry.

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North America Expected to Hold Significant Market Share

- North America is one of the largest markets for smart wearables, with the United States leading the market, followed by Canada. The increase in disposable income and the accelerated adoption and demand for new technological gadgets are some of the fundamental drivers of the market.

- According to Infopulse, over 80% of consumers are eager to wear fitness wearables, which indicates their concern regarding monitoring their health. The augmented demand will accelerate the development of personalized healthcare services, smart hospitals, remote healthcare, and IoT healthcare solutions.

- Furthermore, the increasing use of exoskeletons in the region is anticipated to aid the growth of the market studied in the region. Moreover, the North American population is slowly aging, and during fiscal 2018, 16% of the US population was aged 65 years or above. By 2050, this number is expected to reach one in five. Canada is also witnessing growth in the number of senior citizens, as every one in seven Canadians was a senior in 2012. This number is anticipated to be one in four by 2030. The growing older population is expected to influence the demand for rehabilitation robots positively.

- The US defense sector already commanded various exoskeleton projects, which can be altered in the future for various other purposes, including rehabilitation. For instance, in March 2019, Sarcos Robotics announced that it received a USSOCOM contract to deliver a pre-production version of Guardian XO full-body, autonomously powered exoskeleton. Such developments are expected to influence the wearable computing devices market in the region.

This Wearable Computing Devices Market report addresses:

- The Market size from 2016-2021

- Expected market growth until 2026

- Forecast of how market drivers, restraints, and future opportunities will affect

- Segment and regions that will drive or lead the market growth and why

- Comprehensive mapping of the competitive landscape

- In-depth analysis of key sustainability strategies adopted by market place

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Post Covid-19 Analysis:

All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check with the sales team.

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